Bill Gates, the Microsoft co-founder, says he is giving away
all his wealth over the next two decades.
Gates announced his plans in what he has described as the
final chapter of his career in an article he published on Thursday on his
website.
The co-chair of the Bill and Melinda Gates Foundation (BMGF)
said his decision to wind down his work came at a moment of reflection.
He noted that on December 31, 2045, the BMGF would close its doors permanently.
The philanthropist said his wealth donation over the next 20
years would be dedicated to the cause of saving and improving lives around the
world.
Once the world’s richest man, Gates has pioneered
innovations across multiple sectors, including technology, health, agriculture,
clean energy and climate solutions, aerospace, infrastructure, and
transportation.
Currently, the 69-year-old has a net worth of $113.8 billion
and is the 13th richest man in the world, according to Forbes.
However, Gates has pegged his net worth at $108 billion.
“When Melinda and I started the Gates Foundation in 2000, we
included a clause in the foundation’s very first charter: The organization
would sunset several decades after our deaths,” he said.
“A few years ago, I began to rethink that approach.
“More recently, with the input from our board, I now believe
we can achieve the foundation’s goals on a shorter timeline, especially if we
double down on key investments and provide more certainty to our partners.”
So far, Gates said his foundation has given out over $100
billion — powered in part by the generosity of Warren Buffett, the chief
executive officer (CEO) of Berkshire Hathaway, the conglomerate holding
company.
“Over the next two decades, we will double our giving,”
Gates said.
“The exact amount will depend on the markets and inflation,
but I expect the foundation will spend more than $200 billion between now and
2045. This figure includes the balance of the endowment and my future
contributions.
“Today’s announcement almost certainly marks the beginning
of the last chapter of my career, and I’m okay with that.
“I have come a long way since I was just a kid starting a
software company with my friend from middle school.
“As Microsoft turns 50 years old, it feels right that I
celebrate the milestone by committing to give away the resources I earned
through the company.”
GATES’ WORK IN AFRICA
Through the BMGF, Gates has had extensive and impactful work
across Africa.
The billionaire businessman was central to the creation of
Gavi and the Global Fund, both of which have played pivotal roles in procuring
and delivering vaccines and anti-retroviral drugs across the continent.
The foundation has also targeted major health challenges
such as tuberculosis (TB) and maternal and child health across many African
countries.
Water sanitation and agriculture are also sectors that the
foundation has worked to improve in rural areas.
With offices in Abuja, Nigeria’s capital city; Nairobi, the
Kenyan capital; and South Africa’s Johannesburg, the BMGF has worked closely
with African governments in the regions to align with national development
plans.
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